Tds on immovable property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2014 I have paid 3 installments to the builder without deducting TDS. Now, I want to pay TDS to tax authorities tomorrow i.e. 06.01.14. The dates of payments were 10.09.13, 04.10.13 and 12.11.13. Please inform interest rate for making interest payment alongwith TDS. Please also inform installment wise period for which interest is required to be paid.

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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06 January 2014 take interest rate @ 1.5 % pm

Sept-13 5 months 7.5%
Oct-13 4 Months 6.00 %
Nov-13 3 Months 4.5 %

REgards

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2014 Dear CA Kedar,
Thank you for your reply. However, I understand 1.5% is payable when TDS has been deducted but not deposited. In my case, I have not deducted the same and now depositing the same from my own and get TDS amount adjusted in next installment. Hence, please confirm whether interest @1% pm upto today is applicable or 1% upto 05.01.2014 i.e. yesterday and 1.5% for 06.01.2014.

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CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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06 January 2014 Interest rate is 1.5% not 1%

TDS is payable from the date (month) when it is deductible and not actually deducted

regards